Report states 90% of developers & occupiers planning to adopt new technologies in less than 5 years

Smart buildings expected to become a popular space choice and inferior buildings likely to become obsolete

Technology has impacted both occupiers and landlords. It has created opportunities for landlords to be at the forefront of driving tech related real estate growth, so much so that almost 90 percent of occupiers and developers are planning to adopt technologies in less than five year’s time, says a CBRE and NASSCOM survey-based report on 'Arrival of the Tech Age – Is India’s corporate real estate ready to embrace the change?'

The survey further stated that smart buildings are expected to become a popular space choice and inferior buildings are likely to become obsolete.

Digitisation has resulted in a more coherent relationship between developers and occupiers. As many as 60-67 percent occupiers and developers surveyed increased expenditures on technological innovations and 90 percent of occupiers and developers will adopt technologies in less than five years’ time, it says.

It revealed that developers are well in line with occupier needs for maximising operational efficiencies. About 80 percent of both sets of respondents have already installed/increased the usage of an imperative technology - security control systems. Similarly, about 70-75 percent of both sets of respondents have already increased usage of bookable meeting rooms and smart sensors, says the report by CBRE South Asia Pvt. Ltd and NASSCOM.

A higher number of developers prioritised energy efficiency - by already providing cost-sensitive technologies such as energy management systems and electric vehicle charging stations, it says.

The survey indicates that going forward, 80 percent of respondents felt smart buildings are likely to be a popular space choice, with 40 percent respondents believing that inferior buildings would become obsolete.

“Technology has drastically transformed our personal and professional lives and become a major driver in every business operation. Real Estate too has witnessed several advances in the use and impact of technology in day to day workings. In line with the global standard, our country is on the verge of becoming a developed nation and technology will be a key enabler in reaching this goal. As per the recent economic survey, India needs to make right investment in technology including artificial intelligence, machine learning and blockchain. Our survey findings have highlighted the growing influence technology is having on real estate for both occupiers and developers with 95 percent of occupiers sharing that automation is one of the key tech innovations, changing their business operations,” added Anshuman Magazine, Chairman, India & South-East Asia, CBRE.